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Corporate Governance, Cash Holdings, and Firm Value: Evidence from Japan
8 references·16 citing·39 second hop
Corporate Governance, Cash Holdings, and Firm Value: Evidence from Japan (2005)Corporate Governance, Cash Holdings, and …International Evidence on Cash Holdings and Expected Managerial Agency Problems (2006)International Evidence on Cas…Cash Holdings Among Small Businesses (2002)Cash Holdings Among Small Bus…Bank Power and Cash Holdings: Evidence from Japan (2001)Bank Power and Cash Holdings:…The determinants and implications of corporate cash holdings (1999)The determinants and implicat…Management ownership and market valuation (1988)Management ownership and mark…Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)Agency Costs of Free Cash Flo…Corporate financing and investment decisions when firms have information that investors do not have (1984)Corporate financing and inves…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…The impact of boards of directors’ characteristics on cash holdings in uncertain times (2021)The impact of boards of direc…Working Capital Management and Firm Performance Relationship: An Empirical Investigation of Australasian Firms (2020)Working Capital Management an…Corporate cash holdings and promoter ownership (2020)Corporate cash holdings and p…Cash holdings and firm performance relationship: Do firm-specific factors matter? (2020)Cash holdings and firm perfor…Do Cash Holding and Corporate Governance Structure Matter for the Performance of Firms? Evidence from KMI 30- and KSE 100-Indexed Firms in Pakistan (2019)Do Cash Holding and Corporate…Differential market valuations of board busyness across alternative banking models (2019)Differential market valuation…Foreign Ownership and Corporate Cash Holdings in Emerging Markets (2017)Foreign Ownership and Corpora…Corporate Social Responsibility, Corporate Performance, and Pay-Performance Sensitivity—Evidence from Shanghai Stock Exchange Social Responsibility Index (2017)Corporate Social Responsibili…Directors’ education and corporate liquidity: evidence from boards in Taiwan (2016)Directors’ education and corp…Democracy, rule of law, and corporate governance—a liquidity perspective (2016)Democracy, rule of law, and c…Motives for corporate cash holdings: the CEO optimism effect (2015)Motives for corporate cash ho…Analysis of corporate cash holdings of firms in Malaysia (2014)Analysis of corporate cash ho…The impact of banking relationships, managerial incentives, and board monitoring on corporate cash holdings: an emerging market perspective (2013)The impact of banking relatio…Corporate governance and the stock market reaction to new product announcements (2011)Corporate governance and the …The Timescale Effects of Corporate Governance Measure on Predicting Financial Distress (2008)The Timescale Effects of Corp…Corporate Governance and Corporate Ownership: The Investment Behaviour of Japanese Institutional Investors (2007)Corporate Governance and Corp…Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Agency Problems and the Theory of the Firm (1980)Separation of Ownership and Control (1983)A Survey of Corporate Governance (1997)Corporate Ownership Around the World (1999)The General Theory of Employment, Interest and Money. (1936)The General Theory of Employment, Interest and Money. (1936)The impact of CEO educational background on corporate cash holdings and value of excess cash (2020)How female directors help firms to attain optimal cash holdings (2022)Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches (2006)The determinants of corporate cash holdings levels: evidence from selected South African retail firms (2017)Leverage, Asymmetric Information, Firm Value, and Cash Holdings in Indonesia (2018)Corporate cash holdings and financial crisis: new evidence from an emerging market (2019)The Cost of Capital, Corporation Finance and the Theory of Investment (1958)Cash holdings and SME performance in Europe: the role of firm-specific and macroeconomic moderators (2018)Cash holdings, corporate performance and viability of Greek SMEs (2019)The impact of COVID-19 on small business outcomes and expectations (2020)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)The Cross-Section of Expected Stock Returns (1992)Common risk factors in the returns on stocks and bonds (1993)On Persistence in Mutual Fund Performance (1997)Law and Finance (1998)Why do firms hold so much cash? A tax-based explanation (2007)The Value of Financial Flexibility (2008)Transparency, Liquidity, and Valuation: International Evidence on When Transparency Matters Most (2012)The Market for "Lemons": Quality Uncertainty and the Market Mechanism (1970)Determinants of corporate borrowing (1977)The Capital Structure Puzzle (1984)Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature (2001)The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems (1993)Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints? (1997)Bank discrimination, holding bank ownership, and economic consequences: Evidence from China (2011)Cash holdings in private firms (2011)Corporate cash holding and firm value (2011)The theory and practice of corporate finance: evidence from the field (2001)The Cash Flow Sensitivity of Cash (2004)New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index (2010)
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References

  • 1984Corporate financing and investment decisions when firms have information that investors do not have18,936 cited
  • 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers17,216 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1988Management ownership and market valuation6,910 cited
  • 1999The determinants and implications of corporate cash holdings3,910 cited
  • 2006International Evidence on Cash Holdings and Expected Managerial Agency Problems820 cited
  • 2001Bank Power and Cash Holdings: Evidence from Japan332 cited
  • 2002Cash Holdings Among Small Businesses85 cited

Cited by

  • 2015Motives for corporate cash holdings: the CEO optimism effect79 cited
  • 2014Analysis of corporate cash holdings of firms in Malaysia78 cited
  • 2020Corporate cash holdings and promoter ownership56 cited
  • 2017Foreign Ownership and Corporate Cash Holdings in Emerging Markets56 cited
  • 2007Corporate Governance and Corporate Ownership: The Investment Behaviour of Japanese Institutional Investors56 cited
  • 2020Cash holdings and firm performance relationship: Do firm-specific factors matter?53 cited
  • 2021The impact of boards of directors’ characteristics on cash holdings in uncertain times

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50 cited
  • 2019Differential market valuations of board busyness across alternative banking models46 cited
  • 2011Corporate governance and the stock market reaction to new product announcements43 cited
  • 2020Working Capital Management and Firm Performance Relationship: An Empirical Investigation of Australasian Firms39 cited
  • 2016Democracy, rule of law, and corporate governance—a liquidity perspective38 cited
  • 2013The impact of banking relationships, managerial incentives, and board monitoring on corporate cash holdings: an emerging market perspective38 cited
  • 2016Directors’ education and corporate liquidity: evidence from boards in Taiwan36 cited
  • 2008The Timescale Effects of Corporate Governance Measure on Predicting Financial Distress36 cited
  • 2019Do Cash Holding and Corporate Governance Structure Matter for the Performance of Firms? Evidence from KMI 30- and KSE 100-Indexed Firms in Pakistan35 cited
  • 2017Corporate Social Responsibility, Corporate Performance, and Pay-Performance Sensitivity—Evidence from Shanghai Stock Exchange Social Responsibility Index34 cited